ESS Tech, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 04:08 pm EST
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ESS Tech, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 1.55 million compared to USD 0.192 million a year ago. Revenue was USD 1.55 million compared to USD 0.192 million a year ago. Net loss was USD 16.62 million compared to USD 31.6 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to USD 0.21 a year ago.
For the nine months, sales was USD 4.74 million compared to USD 0.878 million a year ago. Revenue was USD 4.74 million compared to USD 0.878 million a year ago. Net loss was USD 61.45 million compared to USD 52.89 million a year ago. Basic loss per share from continuing operations was USD 0.4 compared to USD 0.35 a year ago.
ESS Tech, Inc. is a long-duration energy storage company specializing in iron flow battery technology. The Company designs and produces long-duration batteries using earth-abundant materials. Its batteries provide flexibility to grid operators and energy assurance for commercial and industrial customers. Its technology addresses energy delivery, duration, and cycle-life in a single battery platform that compares favorably to lithium-ion batteries. Using its iron flow battery technology, the Company is developing two products, such as Energy Warehouse and Energy Center. The Energy Warehouse that offers energy storage ranging from six to twelve-hour duration. Energy Warehouses are deployed in shipping container units, allowing a turnkey system that can be installed easily at a customerâs site. Energy Center solutions are designed specifically for utilities, independent power producers (IPPs), and large commercial and industrial consumers. Its batteries are non-flammable and non-toxic.
ESS TECH, INC. 
